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Far East Orchard to report net profit in FY2021, reversing from net loss in FY2020

·1-min read

The group’s results for the FY2021 will be released on or around Feb 24.

Far East Orchard has guided that it expects to report a net profit for the FY2021 ended December, reversing from its losses reported in the FY2020.

The expected net profit is mainly attributed to the fair value gains on investment properties.

On Nov 9, 2021, Far East Orchard reported losses of $12.8 million for the 9MFY2021 as the Covid-19 pandemic continues to affect the hospitality sector.

The group’s results for the FY2021 will be released on or around Feb 24.

Shares in Far East Orchard closed flat at $1.09 on Jan 28.

Photo: Far East Orchard

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